Renovations are in demand these days, whether as a DIY project or to be done by professional builders. If you plan to have your home renovated either to make it fit your changing needs or in preparation for selling it due to the very hot market, you have to expect the following situations:
1. There would be delays when renovating.
According to Robert Dietz, the chief economist for the National Association of Home Builders, in an article by USA Today, 94% of builders experience shortages in their materials because of their high demand. That only means that many homeowners are having their homes renovated.
Since there are shortages, certain projects will be pushed back and delayed until the materials are available.
2. The prices of materials while renovating will definitely be higher.
The higher the demand, the higher the prices will be. The longer time the demands cannot be met, the higher the prices will continue to rise. Expect the cost of your renovation projects to be higher than usual. You have to choose what renovations should be prioritized and what projects can wait.
If you’re just planning to have your home renovated, multiply to at least 1.5 with the expected cost of the project. You should avoid stopping the project halfway through because of money constraints.
3. Not all your planned projects will be done.
If you plan to work with professionals, you might be booked months from now. If you’re planning to do a bit of a DIY renovation, you also have to choose your materials well, and choose certain projects only.
Work with professionals if you have the luxury of time. Start hunting for good materials or their alternative if you’re good doing DIY projects.
What to do instead?
Sit down and list all renovations you’d like to be done within your home, analyze which can be done by you and which should be done by professionals. Allocate a bigger budget than what is usually expected. Schedule the renovations according to the ongoing needs of your family.
Whether is it for listing your home or just wanting to improve your living space, plan ahead to help you improve your property without minimizing any hurdles along the process.
Sign-up to our free, comprehensive monthly newsletter HERE.